Innovative educational technology companies (edtechs) in Vietnam are gaining increasing attention from international private equity firms as education becomes more digital not only in the country itself, but across the Southeast Asian region, in part due to the Covid-19 pandemic.
Two edtech startups in Vietnam raised $16 million in funding in early September, according to their respective company statements.
Online tutoring platform Vuihoc has raised $2 million in its latest funding round, led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, Singapore-based Vulpes Venture, South Korean venture capital investors DT&Investment and Nextrans And Japanese venture capital firm Colopl Next.
Founded in 2019, Vuihoc is an online platform that provides courses for elementary and middle school students and currently has more than 400,000 learning materials, including online courses, video courses and quizzes. It hopes to hit 1 million subscriptions by 2024.
English self-study platform
Meanwhile, English self-learning platform Edupia has raised $14 million in a Series A round led by Singapore-based Jungle Ventures, with participation from Alibaba and Ant Financial’s venture fund eWTP Capital, as well as Vietnamese venture capital firm ThinkZone Ventures. cast.
Edupia currently has 5 million users, including 400,000 paying students.
Tran Duc Hung, who founded the company in 2018, said Edupia is “on track” to surpass its $100 million revenue target within the next three years.
Most of the company’s users are in Vietnam, but it’s also expanding into other Southeast Asian markets, including Indonesia, Thailand and Myanmar, and is adding more subjects, including math and coding, Hung said.
Edtechs enters Vietnam
Many foreign edtech companies also plan to expand into Vietnam.
For example, in August, Geniebook, Singapore’s leading online learning platform, announced plans to enter Vietnam, making the country the second Southeast Asian market after Indonesia.
According to Geniebook, the expansion comes on the back of a profitable 2020, when it posted $10 million in annual recurring revenue.
Launched in 2017, it is an edtech platform that leverages artificial intelligence and machine learning to personalize learning by recommending assessment concepts and questions based on students’ strengths and challenges.
Huge education market
Vietnam has an important education market with 16 million primary and secondary school students and 1.7 million university students.
It is one of the fastest growing education markets in the world and will be worth $3 billion next year, Hanoi-based industry researcher EdTech Agency said in a July report.
Innovative educational technology companies (edtechs) in Vietnam are gaining increasing attention from international private equity firms as education becomes more digital not only in the country itself, but across the Southeast Asian region, in part due to the Covid-19 pandemic. Two edtech startups in Vietnam raised $16 million in funding in early September, according to their respective company statements. Online tutoring platform Vuihoc has raised $2 million in its latest funding round led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, with Singapore-based Vulpes Venture, South Korea…
Innovative educational technology companies (edtechs) in Vietnam are gaining increasing attention from international private equity firms as education becomes more digital not only in the country itself, but across the Southeast Asian region, in part due to the Covid-19 pandemic.
Two edtech startups in Vietnam raised $16 million in funding in early September, according to their respective company statements.
Online tutoring platform Vuihoc has raised $2 million in its latest funding round, led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, Singapore-based Vulpes Venture, South Korean venture capital investors DT&Investment and Nextrans And Japanese venture capital firm Colopl Next.
Founded in 2019, Vuihoc is an online platform that provides courses for elementary and middle school students, and currently has more than 400,000 learning materials, including online courses, video courses and quizzes. It hopes to hit 1 million subscriptions by 2024.
English self-study platform
Meanwhile, English self-learning platform Edupia has raised $14 million in a Series A round led by Singapore-based Jungle Ventures, with participation from Alibaba and Ant Financial’s venture fund eWTP Capital, as well as Vietnamese venture capital firm ThinkZone Ventures. cast.
Edupia currently has 5 million users, including 400,000 paying students.
Tran Duc Hung, who founded the company in 2018, said Edupia is “on track” to surpass its $100 million revenue target within the next three years.
Most of the company’s users are in Vietnam, but it’s also expanding into other Southeast Asian markets, including Indonesia, Thailand and Myanmar, and is adding more subjects, including math and coding, Hung said.
Edtechs enters Vietnam
Many foreign edtech companies also plan to expand into Vietnam.
For example, in August, Geniebook, Singapore’s leading online learning platform, announced plans to enter Vietnam, making the country the second Southeast Asian market after Indonesia.
According to Geniebook, the expansion comes on the back of a profitable 2020, when it posted $10 million in annual recurring revenue.
Launched in 2017, it is an edtech platform that leverages artificial intelligence and machine learning to personalize learning by recommending assessment concepts and questions based on students’ strengths and challenges.
Huge education market
Vietnam has an important education market with 16 million primary and secondary school students and 1.7 million university students.
It is one of the fastest growing education markets in the world and will be worth $3 billion next year, Hanoi-based industry researcher EdTech Agency said in a July report.
